United Kingdom: Consumer Credit

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The Treasury's policy statement on Consumer Credit Act 1974 reform is progressing through Parliament via the Financial Services and Markets Bill. As the legislation advances through the House of Lords, firms face an earlier-than-expected implementation timeline and must prepare for the FCA's upcoming consultation on new rules for a modernized consumer credit regime.

The Court of Appeal has upheld a High Court decision allowing approximately 5,000 motor finance claims to proceed via multi-party 'omnibus' claim forms, challenging the lenders' attempts to disaggregate the cases. The ruling addresses whether claims alleging unfair relationships under the Consumer Credit Act 1974—based on undisclosed dealer commissions—can be efficiently managed collectively despite their fact-specific nature. This case management decision provides important guidance on the cour

The Financial Conduct Authority has introduced a comprehensive Motor Finance Consumer Redress Scheme aimed at compensating consumers affected by historic failings in motor finance agreements...

The BNPL market has grown significantly in recent years, from £0.06 billion in 2017 to over £13 billion in 2024. According to the FCA's 2024 Financial Lives Survey, 20% of UK consumers (10.9 million adults)...

On 11 February 2026, the UK's Financial Conduct Authority (FCA) published Policy Statement 26/1: "Regulation of Deferred Payment Credit (unregulated Buy Now Pay Later): Feedback to CP25/23" (PS26/1)...

The Islamic finance industry is experiencing significant growth, with an increasing number of entrants, including new Islamic financial institutions and "Islamic windows" within conventional banks.

Last month was significant for developments in consumer credit regulation. The two pivotal publications from HM Treasury (HMT) that we had been waiting for with bated breath were finally published on 19 May 2025.

Last month was significant for developments in consumer credit regulation. The two pivotal publications from HM Treasury (HMT) that we had been waiting for with bated breath were finally published on 19 May 2025.